Dubai's Burj Khalifa will no longer be world's tallest tower as THIS country is building..., not US, China or India but...., its height will be...
Saudi Arabia's Jeddah Tower surpass Dubai's Burj Khalifa: In a matter of viral news that is getting worldwide attention, Saudi Arabia has officially resumed the construction of the Jeddah Tower, aimed to break all existing records as the world's tallest structure, Burj Khalifa. For those unversed, the Burj Khalifa, with a total height of 828 m, is a megatall skyscraper located in Dubai, United Arab Emirates is currently called the world's tallest structure. Readers should note that the Jeddah Tower was initially launched in 2013 and then stalled due to financial and political challenges. However, now, the construction of Jeddah Tower has finally resumed in Saudi Arabia. Will Saudi's Jeddah Tower surpass Dubai's Burj Khalifa?
As per media reports, the ambitious $2.6 billion project is set to exceed 1,000 meters in height, dethroning Dubai's Burj Khalifa (828 meters) as the tallest building on Earth. More importantly, the tower designed by renowned architect Adrian Smith will not only make headlines due to its height but also having a multifunctional space that will house luxury residences, a Four Seasons hotel, office spaces, and retail outlets.
The revival of the tower is also seen as a sign of improved investor confidence in Saudi Arabia as the country struggles with depleting crude oil reserves. India, Saudi Arabia bolster bilateral ties
Meanwhile, Union Health and Chemicals and Fertilisers Minister, JP Nadda visited Saudi Arabia, highlighting strong economic ties between India and Saudi Arabia focusing on enhancing bilateral cooperation in the chemicals and fertilisers sector, an official statement was quoted by a report by news agency IANS.
A a part of the visit, JP Nadda led a high-level delegation for the two-day official visit over the weekend. The minister held discussions with the Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al Khorayef, in Riyadh on mechanisms to strengthen partnership in fertilisers, petrochemicals and pharmaceutical sectors, the report said.
(With inputs from agencies)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
9 hours ago
- India.com
Saudi Arabia Opens Its Doors To Foreign Property Buyers – What You Can (And Can't) Buy Under The New Law
Riyadh: Saudi Arabia has rewritten the rulebook on who can own land within its borders. It is being seen as a bold move with big money on the line. For the first time, the Kingdom will allow foreigners, including individuals, corporations and diplomatic entities, to buy property across the country under new conditions published in the Umm Al-Qura gazette on July 25. Though the new legislation will take effect in 180 days, the implications are already rippling through real estate and investment circles. The biggest headline? Foreigners can now legally buy property in Saudi Arabia, but the twin holy cities of Makkah and Madinah remain mostly off-limits. Sacred to Muslims worldwide, the cities will continue to enforce restrictions that prevent most non-Muslims from owning real estate within their boundaries. New Era for Property Ownership This law marks a sharp turn from earlier rules, where foreign ownership was rare and tightly controlled. Now, These two cities will be able to own one residential property as long as it is outside restricted areas. It must also be for personal use only. On the other hand, foreign companies have been given much broader access. They can acquire property anywhere across the Kingdom to support operations, whether it is for offices or employee housing. Embassies and international organisations will also be allowed to buy real estate for official use, provided they secure the green light from the Saudi Ministry of Foreign Affairs. One clause drawing particular interest involves the type of ownership permitted. The law covers usufruct rights (the ability to use and benefit from property), leases and other legal interests in property. All of this is part of Saudi Arabia's Vision 2030 plan, a transformation programme aimed at diversifying the economy and attracting foreign capital into sectors like tourism, finance and real estate. Religious Cities Remain Guarded There is no ambiguity about Makkah and Madinah. The new law continues to protect them from large-scale outside ownership. Only Muslims may own property there and only under clearly specified conditions. Regardless of status or investment power, non-Muslims remain excluded. For the rest of the Kingdom, foreign investors will have more leeway, but the zones open to ownership will be defined by the Saudi government. These areas will come with clear limits on how much can be owned and for how long. Registration Now Mandatory Foreigners looking to purchase land or buildings must register their holdings with Saudi Arabia's national real estate registry. Without this, ownership is not legally recognised. The law also sets a transfer fee of up to 5% for property transactions involving foreign buyers. And if anyone tries to play around with the rules, say, by submitting false documents or hiding their identity, the consequences will be steep. A fine of up to SAR 10 million (roughly $2.67 million) can be imposed. In serious cases, the government can force the sale of the property. After legal deductions, the money goes straight to the state. Oversight will come from a new committee under the Real Estate General Authority, which has the power to investigate and penalise violators. Property owners who feel wronged by a committee decision will have 60 days to file an appeal in Saudi Arabia's administrative courts. Existing Owners and GCC Citizens For those who already own property, there is good news. All foreign property rights acquired before this law remain valid and protected. Interestingly, the law also lifts a long-standing ban on Gulf Cooperation Council (GCC) citizens from owning property in Makkah and Madinah. They will now be treated just like other foreigners, a move that simplifies legal distinctions and closes older loopholes. What's Coming Next? While the core law is out, the fine print is still in the works. The government plans to release executive regulations within six months to explain how the rules will be implemented and which regions will fall within the ownership zones. This next stage will be crucial for investors waiting on details before committing. Can any foreigner buy property anywhere in Saudi Arabia now? No. Foreigners can only buy in designated areas. Makkah and Madinah remain mostly restricted, especially to non-Muslims. What types of property rights are allowed? The law includes full ownership, lease rights and usufruct, the right to use property without owning it outright. What happens if a foreigner breaks the ownership rules? Violators can face fines up to SAR 10 million and the government can seize and sell the property, sending proceeds to the state. This law may seem like just another regulation, but in the Kingdom's wider push for modernisation and foreign investment, it is seen as a seismic shift. It is a message for global investors that Saudi Arabia is opening its gates but not all of them.
Time of India
13 hours ago
- Time of India
Saudi Arabia's PIF named most valuable and fastest-growing sovereign wealth fund brand in 2025
PIF achieved a 62.9 Brand Strength Index score with an A+ rating, ranking second among sovereign wealth funds in 2025/ Image: PIF TL;DR PIF tops global SWF rankings with $1.2B brand value and fastest growth. BlackRock leads asset managers, followed by JP Morgan and Vanguard . PIF's strength is driven by strategic investments, branding, and governance excellence. As sovereign wealth funds and asset managers expand their global footprint, branding has become a key differentiator, not just in market performance, but in public perception, strategic influence, and global competitiveness. The 2025 edition of Brand Finance's Asset Management and Sovereign Wealth Fund 50 report highlights a significant shift in how these financial giants are building influence beyond capital. At the forefront of this evolution is Saudi Arabia's Public Investment Fund (PIF), which now leads the world in brand value and growth among sovereign wealth funds. PIF Tops the Global Rankings in 2025 Saudi Arabia's Public Investment Fund (PIF) has been ranked the most valuable and fastest-growing sovereign wealth fund (SWF) brand in the world for 2025, according to the second annual edition of Brand Finance's Asset Management and Sovereign Wealth Fund 50 report. PIF's brand value rose by 11% year-on-year, reaching $1.2 billion, up from $1.08 billion in 2024. This marks the second consecutive year that PIF has topped the global SWF brand rankings. The fund also received a strong A+ brand strength rating, with a Brand Strength Index (BSI) score of 62.9 out of 100, an improvement from the previous year. In terms of brand value to assets under management (AUM) ratio, PIF ranked seventh globally, making it the only sovereign wealth fund to feature in the top 10 of that category, a list otherwise dominated by asset managers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Do you have a mouse? Play this for 1 minute and see why everyone is crazy about it. Play Game Undo PIF's rise is attributed to multiple factors: Robust growth in assets under management Positive performance of key Saudi portfolio companie Saudi investment forum exposure and global media-driven campaigns High-profile investments such as NEOM , The Line, and Newcastle United The report underscores that PIF's brand strength stems not only from financial metrics, but from public trust, brand awareness, and purpose-driven positioning. The Brand Finance ranking, launched in 2024, aims to help organizations understand the value of their brand and how it contributes to overall business performance. It evaluates brand strength based on stakeholder perceptions, financial outcomes, and non-financial benefits such as attracting investment, talent, or media attention. In this context, David Haigh, CEO of Brand Finance, highlighted PIF as a prime example of how bold, high-visibility investments can significantly elevate global brand perception. 'PIF stands out through major initiatives such as its transformation of Newcastle United into a competitive football club, as well as sponsorships in golf, tennis, and electric motor racing,' said Haigh. BlackRock and JP Morgan Lead the Asset Management Space While PIF leads among sovereign wealth funds, BlackRock topped the asset management category, emerging as the world's most valuable asset management (AM) brand in 2025 with a brand value of $8.3 billion, representing a 17% increase year-on-year. This surge was credited to: Rapid growth in AUM Strategic acquisitions in private markets Continued leadership in financial technology and artificial intelligence BlackRock also received an AAA brand strength rating, with a BSI score of 87.0 out of 100, making it one of the strongest financial brands globally. JP Morgan Asset Management (JP Morgan AM) ranked as the second most valuable asset manager, with a brand value just under $7.2 billion, a modest 3% increase from 2024. JP Morgan retained its position as the strongest brand overall, across both asset management and sovereign wealth fund categories, with a BSI score of 87.6 out of 100, also earning an AAA rating. Vanguard, meanwhile, held onto third place with a stable brand value of $6 billion, unchanged from 2024. ADIA, PIF, and the Power of Brand Strength in SWFs Among sovereign wealth funds, the Abu Dhabi Investment Authority (ADIA) ranked as the strongest SWF brand with a BSI score of 64.1 out of 100, narrowly ahead of PIF's 62.9. Both received an A+ brand strength rating, reflecting strong performance in brand perception, governance, and long-term planning. Brand Finance's methodology considers multiple dimensions, including stakeholder perceptions, media visibility, internal investment alignment, and non-financial benefits such as talent attraction and ESG (Environmental, Social, Governance) leadership. PIF's broader impact continues to be recognized. A separate 2025 report by Global SWF ranked PIF first globally in governance, sustainability, and resilience (GSR) performance and commitment, with a 100% score, shared among 200 sovereign investors. From a credit perspective, the fund also maintains strong ratings: Moody's: 'Aa3' with a stable outlook Fitch: 'A+' with a stable outlook These Credit ratings are independent assessments of a fund's financial strength and ability to meet its obligations. Agencies like Moody's and Fitch assign these ratings to signal investor confidence, risk level, and the fund's overall creditworthiness on a global scale. The combined brand value of the top 50 asset managers and sovereign wealth funds in the 2025 Brand Finance report is now $73.9 billion, marking a 5% increase year-on-year. The report highlights how branding, once considered secondary to financial returns, is becoming a central tool for these organizations, helping them shape public narratives, attract global partnerships, and define their long-term identities in a competitive financial world. FAQs: Q. What is PIF? It's Saudi Arabia's main sovereign wealth fund that invests globally to support the country's economic transformation. Q. What does 'most valuable brand' mean? It refers to the estimated financial value of a company or fund's name and image, based on public trust, performance, and influence. Q. What is Brand Finance? Brand Finance is a consultancy that ranks companies and funds by how strong and valuable their brands are. Q. What are credit ratings like 'Aa3' or 'A+'? They show how financially reliable a fund is. Higher ratings mean lower risk for investors.
Time of India
a day ago
- Time of India
Saudi's New Law: Foreigners can own property across the kingdom, except in these two cities
Foreigners Allowed to Own Property in Saudi Arabia, Except Makkah and Madinah/ Representative Image TL;DR Foreigners can now own property in Saudi Arabia but only in specific zones and under clear rules. Ownership in holy cities like Makkah and Madinah is still mostly restricted. Non-Saudis must register their ownership, and there are fees and penalties for violations. Saudi Arabia recently published a new law that changes how foreigners can own real estate in the Kingdom. This law, announced officially on July 25 in the Umm Al-Qura gazette, will start applying 180 days from its release. It's a big shift in policy because it allows non-Saudis, whether individuals, companies, or organizations—to buy and hold property under certain conditions. Before, the rules were more restrictive, especially in holy cities like Makkah and Madinah. The new law still protects these cities by limiting ownership, but it also opens new opportunities for foreigners in other areas. This change comes as part of Saudi Arabia's wider plan to attract investment and encourage economic growth, but with clear limits to protect cultural and religious sensitivities. What the New Law Allows Foreign Ownership Zones: The government will define specific areas where foreigners can buy property. These zones will come with rules about how much property can be owned and for how long. Types of Rights: Ownership isn't just about buying a building. The law includes rights like usufruct (the right to use and benefit from property), leases, and other property interests. Individuals and Corporations: Both people living in Saudi Arabia and foreign companies can own property. For individuals, owning one home outside restricted zones is allowed for personal use. Companies can buy property to support their business or house employees. Diplomatic and International Use: Foreign embassies and international organizations can own property for their official work, but they need approval from the Saudi Foreign Ministry. Ownership Zones and Rights The government will designate certain zones where foreigners are allowed to own property. These zones will have defined limits on ownership percentages and the duration of property rights. The law covers various types of rights, including full ownership, leases, and usufruct rights, which means the right to use and benefit from property without owning it outright. Foreign individuals legally residing in Saudi Arabia can own one residential property outside restricted zones for personal use only. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo Foreign companies can buy property throughout the Kingdom to support their business operations or to provide housing for employees. Diplomatic missions and international organizations can also own property for official purposes, subject to approval from the Saudi Foreign Ministry. Restrictions in Holy Cities The law maintains strict limits on foreign property ownership in the holy cities of Makkah and Madinah. Only Muslim individuals can own property there, and even then, ownership is allowed only under specific conditions. Foreign residents are also restricted to owning just one home for personal housing outside these restricted zones. This ensures that religious and cultural sensitivities are respected while opening up other parts of the country for foreign ownership. Registration, Fees, and Penalties Foreign property owners must register their ownership with the national real estate registry for it to be legally recognized. The law introduces a transfer fee of up to 5% on property transactions involving foreigners. Violations of the law can result in hefty fines of up to SAR 10 million (approximately $2.67 Million). In serious cases, such as using fake documents, authorities can force the sale of the property, with the proceeds going to the state after necessary deductions. To monitor and enforce these rules, a committee under the Real Estate General Authority will investigate violations and impose penalties. Property owners have the right to appeal committee decisions to administrative courts within 60 days. Protection of Existing Ownership and GCC Citizens The law protects all foreign property rights that existed before its enactment, so current foreign owners won't lose their rights. It also removes an earlier ban that prevented Gulf Cooperation Council (GCC) citizens from owning property in Makkah and Madinah. Now, GCC citizens are subject to the same rules as other foreigners, which simplifies the legal framework around foreign ownership in the Kingdom. What Comes Next The Saudi government plans to issue executive regulations within six months. These will provide details on geographic boundaries for foreign ownership zones and explain how the law will be applied in practice. Foreign buyers and investors should watch for these updates to understand exactly where and how they can legally purchase property in Saudi Arabia. FAQs 1. Can any foreigner buy property anywhere in Saudi Arabia now? No. Foreign ownership is limited to government-designated zones. Ownership in holy cities remains mostly restricted. 2. What types of property rights are allowed? Foreigners can own property outright or hold other rights like leases and usufruct, depending on the rules for the zone. 3. What happens if a foreigner breaks the ownership rules? They may face fines up to SAR 10 million, and in severe cases, their property can be sold by the authorities with proceeds going to the state.
